JPMorgan Earnings: JPM Beats on Earnings, But Will It Matter?
Once again, JPMorgan Chase (NYSE:JPM) has handily beat earnings estimates. JPM earnings for the second quarter came in nicely ahead of consensus. PNC Financial (NYSE:PNC) similarly posted a huge beat – and has gained less than 0.3%. But the decline in JPMorgan stock is a surprise given the broad strength shown by JPMorgan Chase in the quarter. And it’s part of a pattern that has proven a drag on JPM, and other big bank stocks, over the past few months. JPM earnings seem like they should have moved JPM stock higher. So-called managed revenue of $28.4 billion was $1.1 billion better than consensus, rising 6% year-over-year.